The success of the retail sector in the medium and long term inevitably depends on its adaptation to consumer demands. With the passage of time and the arrival of new generations, demands change, younger consumers have grown up in a very different, more technological and accessible world.
Among them, we undoubtedly need to pay attention to Millennials, that generation born between the early eighties and late nineties, which today is a huge influence on consumer trends.
Conquering Millennials is a challenge that will involve using a lot of imagination and investment, but ultimately can help many companies strengthen themselves in a world as competitive a retail.
Why Are Millennials So Important For The Retail Sector?
The Millennial generation, which has grown up in a world increasingly more connected to technology, already has a large presence and influence in the labour market now for many years. This will grow even more in the coming years, as there are still young people who have not entered the work force yet. Even still, to give a realistic estimate of their strength in terms of consumption, they will represent around 75% of the work force in the next decade.
Although we’re not at that figure yet, their purchasing power is growing and they’re people who are used to shopping in a particular way. So knowing what they want and how they want it, is essential to succeed.
Millennials, compared to previous generations, tend to move from one channel to the next, like with online or offline shopping, and the information they receive, which also gives insights about their desires, is much more varied.
What Can We DO To Make Millennials Loyal Customers?
Knowing the characteristics of this predominant consumer allows us to adopt several diverse strategies that favour attracting them to a store.
Their continual use of technology allows retail companies to develop a strong link to them. Online channels can be used to inform and advertise, which also consequently works to develop desire for the product, encouraging shopping. But also this helps to collect information about their consumer habits, lifestyles, etc. With this, services can be offered that are more personalized and offer a fuller shopping experience.
Millennials are also characterized by the immediacy with which they usually act. They are used to moving impulsively, especially compared to older shoppers, and of course, they tend to purchase products more quickly.
Integrating different sales channels is critical to satisfying this generation’s habits as they are used to making quick and easy purchases. They can get demanding and impatient if the shopping experience is not totally up to par.
As we’ve already said, technology has formed part of their lives since birth, and so not only do they miss the presence of these types of elements in stores, but also that they lead to more profits. Connectivity within the store, through the internet, not only is something that attracts people to points of sale but also allows brands get a closer look at their lives.
In another sense, the implementation of new processes, also supported by technology, enables retail companies to serve their customers better. Linking in with the demand for immediacy by Millennials, many companies have already invested in things like automating storage, packaging or distribution processes, making them faster and more efficient, to satisfy the most modern shoppers.